Bank of America raises U.S. minimum hourly wage to $21, promises $25 by 2025

National

TAMPA (WFLA) – Bank of America announced on Wednesday it had raised its U.S. minimum hourly wage to $21, or nearly three times the federal minimum wage of $7.25 according to the Department of Labor.

The pay hike announced by the nation’s second-biggest bank on Wednesday follows Bank of America’s May pledge to pay its workers a minimum hourly wage of $25 by 2025. 

In the last four years, Bank of America raised the minimum hourly wage to $20 from $15.

In February, Costco announced that the minimum wage for warehouse employees would be $16 an hour, a dollar higher than that of Amazon, Target and Best Buy. In April, Amazon announced that more than 500,000 people in its fulfillment centers would see an increase in hourly pay between 50 cents and $3. Last Thursday, McDonald’s said that it would be raising hourly wages by an average of 10%.

The last time Congress raised the minimum wage was in July of 2009, from $6.55 to $7.25 an hour.

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